Project Management

Project management is the application of knowledge, skills, tools and techniques to a broad range of activities in order to meet the requirements of the particular project. Project management knowledge and processes are best described in terms of their component processes. These main processes are Initiating, Planning, Executing and Controlling.

Project management in todayвЂ™s era, is widely recognized as among the most important work processes of any organization. Business entities have realized that most of their activities are project work and thus it is vital to use an efficient management process in order to carry out the task as per the plan in terms of time, quality and cost commitments.

When a project plan starts to involve different things occurring at different times, some of which are dependent on each other, plus resources required at different times and in different quantities and perhaps working at different rates, the paper plan in terms of complexity could be incomprehensible. Any organizational project usually involves numerous aspects and that a new technique had to be invented to cope with it; the PERT technique. This along with further developments led to mathematical measures that enlightened the critical path through a series of planned operations that interconnect during the life of a project. The PERT technique has been a quintessential method to minimize the intricacy involved in project undertakings.

Project management has achieved a rapid global growth mainly because of the need to comprehend and undertake successful implementations of projects which is crucial if a business is to survive, let alone succeed.

The failure of high-profile businesses as a result of poor project management operations reflects on its importance to any organization. According to the Standish Group report, over 70% of business projects do not make the grade and an overwhelming majority is due to either time or cost overruns. Such staggering figures only inflate the importance of an efficient project management process. But failure is not inevitable if an efficient work-process